6 May 2014
Aussie should struggle in crosses - Westpac
FXStreet (Bali) - The Aussie should struggle on crosses near term, notes the FX Strategy Team at Westpac.
Key Quotes
"Key commodity prices are probing multi-week lows, with little prospect of sharp recovery near term."
"Consumer confidence is already falling ahead of the 13 May budget, with markets pushing out the timing of the first RBA rate hike to Sep 2015 in anticipation of softer consumer spending."
"AUD should soften against EUR and GBP, with risks also vs NZD (depending on data) and JPY (depending on Ukraine)."
"However, AUD/USD should continue to find support in the 0.9180-0.9210 region given soggy US yields."
"If Apr NFP can’t revive USD, it’s hard to see the tide turning for USD this week. Key resistance areas 0.9310/20 and 0.9380/90."
Key Quotes
"Key commodity prices are probing multi-week lows, with little prospect of sharp recovery near term."
"Consumer confidence is already falling ahead of the 13 May budget, with markets pushing out the timing of the first RBA rate hike to Sep 2015 in anticipation of softer consumer spending."
"AUD should soften against EUR and GBP, with risks also vs NZD (depending on data) and JPY (depending on Ukraine)."
"However, AUD/USD should continue to find support in the 0.9180-0.9210 region given soggy US yields."
"If Apr NFP can’t revive USD, it’s hard to see the tide turning for USD this week. Key resistance areas 0.9310/20 and 0.9380/90."